8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 15, 2003

Motorcar Parts & Accessories, Inc.

(Exact name of registrant as specified in its charter)

New York	0-23538	11-2153962
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2929 California Street, Torrance, CA	90503
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (310) 212-7910

TABLE OF CONTENTS

	Item 5. Other Events and Regulation FD Disclosure.
	Item 7. Financial Statements and Exhibits.
SIGNATURES
EX-99.1

Item 5. Other Events and Regulation FD Disclosure.

     Attached hereto as Exhibit 99.1 is a press release issued by Motorcar Parts & Accessories, Inc. on August 15, 2003, which is incorporated by reference herein.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

Exhibit No.	Description
99.1	Press Release, dated August 15, 2003.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MOTORCAR PARTS & ACCESSORIES, INC.
	/s/ Charles Yeagley
Date: August 15, 2003	Charles Yeagley Chief Financial Officer

EX-99.1 3 v92562exv99w1.txt EX-99.1 Exhibit 99.1 MOTORCAR PARTS & ACCESSORIES, INC 2929 California Street Torrance, California 90503 Contact: Selwyn Joffe Chairman of the Board, President and CEO Motorcar Parts & Accessories, Inc. (310) 972-4005 For Immediate Release MPA ANNOUNCES FIRST QUARTER RESULTS Torrance, California, August 15, 2003 - Motorcar Parts & Accessories, Inc. (MPAA - Internet billboard) is pleased to announce its operating results for the quarter ended June 30, 2003, the first quarter of its 2004 fiscal year. Net income for the quarter was $680,000 or $0.08 per share versus $1,971,000 or $0.25 per share for the comparable quarter of the prior year on the basic weighted average number of the shares outstanding and $0.08 per share versus $0.23 per share on the diluted weighted average number of shares outstanding. Sales for the first quarter 2004 declined by approximately $11.3 million from last year's comparable quarter. Sales increased from the March 31, 2003 quarter by approximately $2.6 million. Selwyn Joffe MPA's Chairman, President and CEO said "I am pleased by the fact that the company has further reduced its net debt balance by approximately $26.5 million for the trailing twelve months and approximately $5.1 million for the quarter ended June 30, 2003. In addition, despite sales declines, operating margins have increased. Importantly, this positions us well for when our sales volume regains strength. We are primarily focused on increasing sales levels while controlling costs". Mr. Joffe further noted, "The decline in earnings per share is attributable to a number of factors. In the first quarter of fiscal 2003, our income tax expense was calculated at a negligible rate, whereas for the first quarter of fiscal 2004 our income tax expense was calculated at a rate, net of a refund, of 31%. This rate increase (which resulted in a tax expense increase of $329,000) reflects that we no longer have net operating losses for book purposes, although we do for tax purposes. In addition, the legal fees we incurred during the first quarter of fiscal 2004 in connection with our indemnification obligations increased by $345,000 when compared to the amounts incurred in the comparable period of fiscal 2003. Also, during the first quarter of fiscal 2004 we charged $703,000 against net sales in connection with a long-term sales agreement with a customer. Finally, our net income was positively impacted by a period-to-period decrease in interest expense of $323,000, principally attributable to our continuing pay-down of debt." MPA is a leading remanufacturer of replacement alternators and starters for imported and domestic cars and light trucks in the United States and Canada. MPA also assembles and distributes ignition wire sets for imported and domestic cars and light trucks. MPA has facilities in the United States in Torrance, California and Nashville, Tennessee, as well as overseas in Singapore and Malaysia. DISCLOSURE REGARDING PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release may contain certain forward-looking statements with respect to the future performance of the company that involve risks and uncertainties. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to: concentration of sales to certain customers, changes in the company's relationship with any of its customers, the potential for changes in consumer spending, consumer preferences and general economic conditions, increased competition in the automotive parts remanufacturing industry, unforeseen increases in operating costs and other factors discussed herein and in the company's filings with the Securities and Exchange Commission. ######################## Press Release - Qtr Ending June 30, 2003 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1

                        MOTORCAR PARTS & ACCESSORIES, INC
                             2929 California Street
                           Torrance, California 90503

Contact:    Selwyn Joffe
            Chairman of the Board, President and CEO
            Motorcar Parts & Accessories, Inc.
            (310) 972-4005                                 For Immediate Release

                       MPA ANNOUNCES FIRST QUARTER RESULTS

Torrance, California, August 15, 2003 - Motorcar Parts & Accessories, Inc.
(MPAA - Internet billboard) is pleased to announce its operating results for the
quarter ended June 30, 2003, the first quarter of its 2004 fiscal year.

Net income for the quarter was $680,000 or $0.08 per share versus $1,971,000 or
$0.25 per share for the comparable quarter of the prior year on the basic
weighted average number of the shares outstanding and $0.08 per share versus
$0.23 per share on the diluted weighted average number of shares outstanding.
Sales for the first quarter 2004 declined by approximately $11.3 million from
last year's comparable quarter. Sales increased from the March 31, 2003 quarter
by approximately $2.6 million.

Selwyn Joffe MPA's Chairman, President and CEO said "I am pleased by the fact
that the company has further reduced its net debt balance by approximately $26.5
million for the trailing twelve months and approximately $5.1 million for the
quarter ended June 30, 2003. In addition, despite sales declines, operating
margins have increased. Importantly, this positions us well for when our sales
volume regains strength. We are primarily focused on increasing sales levels
while controlling costs".

Mr. Joffe further noted, "The decline in earnings per share is attributable to a
number of factors. In the first quarter of fiscal 2003, our income tax expense
was calculated at a negligible rate, whereas for the first quarter of fiscal
2004 our income tax expense was calculated at a rate, net of a refund, of 31%.
This rate increase (which resulted in a tax expense increase of $329,000)
reflects that we no longer have net operating losses for book purposes, although
we do for tax purposes. In addition, the legal fees we incurred during the first
quarter of fiscal 2004 in connection with our indemnification obligations
increased by $345,000 when compared to the amounts incurred in the comparable
period of fiscal 2003. Also, during the first quarter of fiscal 2004 we charged
$703,000 against net sales in connection with a long-term sales agreement with a
customer. Finally, our net income was positively impacted by a period-to-period
decrease in interest expense of $323,000, principally attributable to our
continuing pay-down of debt."

MPA is a leading remanufacturer of replacement alternators and starters for
imported and domestic cars and light trucks in the United States and Canada. MPA
also assembles and distributes ignition wire sets for imported and domestic cars
and light trucks. MPA has facilities in the United States in Torrance,
California and Nashville, Tennessee, as well as overseas in Singapore and
Malaysia.

DISCLOSURE REGARDING PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press
release may contain certain forward-looking statements with respect to the
future performance of the company that involve risks and uncertainties. Various
factors could cause actual results to differ materially from those projected in
such statements. These factors include, but are not limited to: concentration of
sales to certain customers, changes in the company's relationship with any of
its customers, the potential for changes in consumer spending, consumer
preferences and general economic conditions, increased competition in the
automotive parts remanufacturing industry, unforeseen increases in operating
costs and other factors discussed herein and in the company's filings with the
Securities and Exchange Commission.

                            ########################


Press Release - Qtr Ending June 30, 2003